A motor insurance is essential to buy any vehicle including cars and two-wheelers under the Motor Vehicles Act, 1988. While the insurance covers a vehicle for physically damage or theft due to human-made or natural disaster, consumers need to carefully understand the policy before purchasing one.
Now, experts suggest that it is better to buy an insurance cover for your vehicle online.
Below are some of the benefits of buying a motor insurance policy online (Compiled by Rakesh Goyal, Director, Probus Insurance):
Cost-benefit
The motor insurance bought online is comparatively low in cost than the ones bought offline. While buying the policy online, the agent's commission margin is eliminated, which in return, lowers the cost. On the other hand, while buying the policy online, one need not pay any additional expenses or commission charges.
Quick and convenient
The other significant benefit of buying insurance online is that it is faster and seamless. Individuals can buy the desired policy at the comfort of their homes. Also, the easy comparison option helps find the available alternatives. This way, the policy seeker can find the best deal for themselves by comparing the various policies of different insurers.
Easy renewal process
The renewal process comes extremely easier for those who have bought the policy online. Insured are not required to fill the forms again as the data is already stored in the company's system, and the payments can be made digitally. Moreover, timely reminders are sent to ensure the renewals are not missed.
Minimum paperwork
Unlike offline policy purchases, buying a plan online doesn't demand much paperwork. Also, the probability of error occurrence of information is very low.
Read other's experience
Another benefit of buying your motor insurance online is that the policy seekers can study past customers' experience before opting for a specific plan or insurer. One can also compare the features of the different plans and learn more about the insurer's reputation.
Source : CNBCTV18
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